In 1929 the world experienced The Great Depression, and in 2008-9 the Great Recession, but in 2016 we experienced The Great Correction (in the luxury sector), a period where for the first time in history the price of luxury homes in many areas scaled back rather dramatically NOT fueled by an equity markets plunge…. [Read More]
The Return of The Banker Buyer?
Bankers have been (often unfairly) beaten up since the Great Recession. Under the watchful eye of all, many salaries and bonuses dropped noticeably and many jobs were lost, not to mention the sharp de-valuation of most banker stocks. Bank regulation multiplied in a concerted effort to prevent a repetition of the horrors of the last… [Read More]
Millenniaires are the other millennials few refer to: most chatter revolves around this demographic group’s inability to commit to buying a home, mostly due to affordability concerns. There is another group within this vibrant sector of society: wealthy, successful millennials who have earned early wealth, and the other group that have access to wealth or… [Read More]
NEW YORK REAL ESTATE TRANSACTION TAXES DROP ALMOST 10%
For anyone who resents the volume of construction in New York, it may be healthy to be reminded just how much money these transactions make for the New York tax coffers. With a slowed market, those transaction taxes have slipped almost 10% in the past 12 months.
International Investor Buyers turn their sights on the U.K?
International Investor buyers have set their sights on the U.K, especially London, post the BREXIT vote, which may explain why some of these investors are missing in the New York real estate market right now. We recently conducted a (very un-scientific) survey of international investor buyers: the depressed sterling currency combined with political fears have… [Read More]
BILLION DOLLAR LISTING – FRENCH RIVIERA UPDATE
I recently returned from my bi-annual pilgrimage to the French Riviera that was aflutter with chatter about the now-famous ‘Billion Dollar Listing’. During this trip I learned some rather interesting tid-bits that I thought I’d share. The entire Cote D’Azur is still reeling from the aftermath of the tragic Nice terrorist attack: heavily armed soldiers are… [Read More]
MANHATTAN PROPERTY TIME ON MARKET RISES AND ASKING PRICES DROP?
In this week’s report on the Manhattan $4m+ property market, Donna Olshan made two observations that should concern all of us in the Real Estate industry: 1.”The average number of days on the market was 398 compared to 283 for the same week in 2015.” Most of the contracts signed this past week were re-sales, unlike… [Read More]
New York’s Ultimate Trophy: The Double-Wide Multi-Million-Mansion
The ‘double-wide’ is a term most used in American trailer parks, yet in Manhattan the super-rich love their ‘double-wide’s’ too…. and sometimes their ‘triple-wides’! Usually adjoining townhouses are combined to create multi-million-mansions. When it comes to City townhouses, width is everything. The space needs of the very wealthy are different: most individual townhouses measure up… [Read More]
Seeing the magnificent Westfield mall re-open at the World Trade Center almost 15 years after the horrific 9/11 tragedy reminds us all that sooner or later most things can recover fully from a horrible event. 365,000 square feet of retail space with over 100 stores are expected to generate $1 billion in annual sales. Recovery… [Read More]
The Real Estate Piggy Bank – HELOC loans
Owned real estate is like a piggy bank that can provide a source of capital, especially when it increases in value, in the form of a Home Equity Line of Credit (HELOC). This is a commonly used practice in the commercial sector whereby a landlord buys a building, makes improvements to elevate its value, and… [Read More]